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Olam Agri withdraws Namoi Cotton takeover offer, Australian competition watchdog says

( October 2, 2024, 00:22 GMT | Official Statement) -- MLex Summary: The Australian competition regulator has discontinued its public review as Olam Agri has withdrawn its bid to acquire agribusiness giant Namoi Cotton. In a statement on its website today, the Australian Competition & Consumer Commission said that the regulator discontinued its public review and consultation on the divestiture proposal after Olam advised the acquisition would not be proceeding. In a statement to the Australian Securities Exchange, Olam Agri said that the company has reached a decision not to extend its takeover bid beyond Oct. 8. The decision comes after France’s Louis Dreyfus increased its bid for the country’s largest cotton ginner to 77 cents per share. Olam’s share in Namoi stands at 8.24 percent.The full statement by the Australian Competition & Consumer Commission follows; and Olam Agri’s statement to the Australian Securities Exchange is attached; the ACCC's Public Competition Assessment is attached. ...

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